Filling the Gap
Caroline Gilbertson, Director, KPMG
Traditional insurance orthodoxy is that insurance products are sold, not bought. But a perfect storm of regulatory, technological, social, demographic and economic changes is turning this on its head. Wholesale changes in insurance distribution are coming, and the success of these could impact society as a whole. The advice gap, being individuals who are unwilling or unable to get financial advice and guidance at a price they are willing to pay, has been widening in many developed markets around the world. Three drivers of this global trend are shown in the diagram below.